The Monetary Board has set new regulations for the operation of dollar accounts at Dominican commercial banks. The regulations establish that depositors of over US$500 in savings accounts cannot draw on their funds for 15 working days after the deposit is made. Furthermore, time deposits are subject to a 30 day freeze before the money can be drawn upon. Resolution 1 of 12-2-98 restricts U.S. dollar transfers and establishes that commercial banks will be able to use these funds to make loans to exporters to finance payments abroad that correspond to goods, services and capitals relating to their business.
